JNJ - Macro View 🌐

10 de nov. de 2023

Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.

📈 JNJ has exhibited an overall bullish trend, trading within the ascending wedge pattern outlined in blue. It is presently nearing the lower boundary/blue trendline.

At present, JNJ is undergoing a correction phase and is trading within the descending red channel. It is currently approaching the lower limit and a highlighted demand zone in green.

🏹 Thus, the highlighted purple circle is a strong area to look for buy setups as it is the intersection of the green demand and lower blue and red trendlines acting as a non-horizontal support.

📚 As per my trading style:
As JNJ approaches the lower purple circle zone, I will be looking for bullish reversal setups (like a double bottom pattern, trendline break , and so on...)

📚 Always follow your trading plan regarding entry, risk management, and trade management.

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich